LIC’s Jeevan Saral is a life insurance policy that offers a higher cover at a lower premium. It also provides a smooth return and liquidity fund, making it a very flexible option for those looking for life insurance.
This policy is best suited for people who:
- Are looking for a higher cover at a lower premium
- Want a policy with smooth returns and liquidity fund
- Need a flexible life insurance policy
Life insurance policies should be as simple as Jeevan Saral Table No. 165. It gives you 250 times risk cover on your monthly premium.
Jeevan Saral Features
- Higher cover
- Smooth return
- Liquidity fund
- Considerable flexibility
Special Features:
Under this plan, death cover will be the same irrespective of age at entry and term. However, the sum payable at maturity differs for different entry ages and terms. This plan is very appropriate for employees seeking life cover through Salary Saving Schemes (SSS).
Benefits:
==> On Death:
- 250 times the monthly premium, plus
- return of premiums excluding extra/rider premium and first year
- premium plus
- The loyalty addition, if any.
==> On Maturity:
- Maturity sum assured, plus
- Loyalty additions, if any.
Surrender value:
The policy can be surrendered after it has been in force for at least three full years. The surrender value will be greater than the Guaranteed Surrender Value or Special Surrender Value.
Options:
Jeevan Saral offers the following optional riders by payment of an additional premium:
- Accidental death and disability benefit
- Term Assurance benefit.
The maximum cover for the above riders will be Rs.25 lakhs under all policies of the Corporation taken together.
Auto Cover:
The plan offers Auto Cover of 12 months after the policy has been in force for a period of 3 years and more.
Flexible Term:
The policyholder can choose a maximum term but can surrender at any time without any surrender penalty or loss.
Partial Surrenders:
The plan will allow partial surrender from the 4th year onwards subject to certain conditions. Due to the existence of the flexible term and partial surrenders, the policyholder will enjoy a lot of liquidity under Jeevan Saral.
Loan:
The loan is permissible under the policy.
Loyalty additions:
Only loyalty additions will be declared under the plan. The minimum term a policy can earn loyalty will be ten years. However, loyalty additions will also be payable if death occurs in the 10 years of the policy, provided that the policy is in force at the time of death. Loyalty additions will be subject to Corporation’s experience and may be paid in case of death, maturity, and surrenders.
Eligibility conditions:
Age at entry: Minimum 12 years completed and maximum 60 years nearest birthday.
Age at maturity: Maximum 70 years.
Term: All terms from 10-35 years.
Premium: Minimum Rs.250/- per month for entry up to 49 years and
Rs.400/- per month for entry age 50 years and above. The premium
shall be in multiple of Rs.50 per month.
Mode: Yearly/ Half-yearly/ Quarterly and Monthly under Salary Saving Scheme.
LIC Jeevan Saral is the most selling and recommended plan by LIC agents due to its simplicity and features. This is also called an ATM plan, as you can withdraw partial money from your Jeevan Saral account after completing 10 policy years.
This Plan has been Discontinued.
which is the better policy—-jeevan saral or jeevan anand.my age is 26. pls. suggest me as soon as possible.
Regards,
somnath.
Jeevan Saral
Dear Sir,
My age is 37years.I am interested in taking Jeevan saral policy.Please let me know the lump sum amount I can expect after 15 years on maturity as investing 2000rs per month.
I want a maturity value of Rs.30 Lakhs in 15 years. The age of the women is 42 years and what should be the premium per annum and what policy.
Thanks
Dear Sir,
I’d like to avail myself of your Jeevan Saral Policy. I am 42(+). May be for a period of 20 years. I’m not sure and convinced about the returns. What are Rider-Option & Loyalty additions ? When and how to subscribe them ? Is it open to other LIC Policies as well ? Please let me know.
Good wishes .
Bimalendu Nath
It was a pleasant surprise for me to see this site and subsequent questions and answers which is so enlightening. Thanks a lot for this yeoman service in public domain. I have just one questions – time and again you have mentioned that maturity benefit is Jeevan Saral is linked to age at entry. I did not find its reference anywhere, can you please elaborate or illustrate ?
My age lbd is 47. What will be the maturity value (approx) for 5000PM investment for 15 Yrs in my name? If I take the same policy in the name of my Son/ daughter aged 14Y/12Y what will be the maturity amount?
Dear Sir,
If I take jeevan saral policy for 16 years with an anual premium of 10000/-,can I get some approx. value of loyalty adition, that I would be getting at the time of maturity. My present age is 17 years now.
Jevan saral no doubt is a better product . I am interesting to take the policy but what about loyalty.how much we can expect.
Thanks.
V.K.Mathur
Dear Sir,
If I take jeevan saral policy for 16 years with an anual premium of 10000/-,( for my child ) can I get some approx. value of loyalty adition, that I would be getting at the time of maturity. My chaild present age is 17 years now.
Jevan saral no doubt is a better product . I am interesting to take the policy but what about loyalty.how much we can expect.
Thanks.
D.C.Rathore
I want to buy Jeevan Saral.. My income monthly is 56000 plz tel me how much premium i should pay.. i m in mumbai
Ideally you should get Insurance worth 5x of your yearly income. Your ideal risk cover is 30 lakh
Premium would be around 12000/mo
Hello Sir
My name is Mayank. I have taken LIC Jeevan Saral policy for 15 years
My age is 27 and I am paying an annual premnium of Rs 57648
Please let me know the lump sum amount I can expect after 15 years on maturity
Thanks
K.Dayanand Kumar Nov 27th, 2010
Hello Sir,
I want to take Jeevan saral policy for 35years and investing 250/- pm. What amount will i get after 20, 25, 30, 35 yrs..
Also plz tell the rate of Interest taken for Loyalty addition (app.).
My current age is 29yrs.
Thanks and Regards
K. Dayanand Kumar